NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

Thanks for highlighting that. This loan is very positive for the company.

It is also much better for existing shareholders than a traditional financing with warrants would be. Warrants lock in today's low price plus some factor, ie low price means more shares, higher dilution.

What we have is a convertible note that takes place after a financing, that takes place after publishing TLD, ie it uses a future high stock price even after factoring in the 12% discount, ie resulting in a much, much lower dilution. And on top of that, the financing that takes place might not be immediately after TLD, for example if a partnership up front payment took place resulting in a financing at a much higher price still.